Retail Sales Slip

The Commerce Department says retail spending dropped half a percent last month. Plus: Are the drivers to blame for Toyota's problems?

Retail Sales Slip Retail sales fell in June for the second straight month raising fresh concerns about an economic slowdown. The Commerce Department says retail spending dropped half a percent last month, after falling more than one percent in May. Much of the weakness in June came from a drop at auto sales and a decrease in gas prices. President Obama has secured the 60 votes he needs in the Senate to pass a financial overhaul bill and is hoping to have it passed by Thursday. The Legislation gives regulators broad authority to reign in banks, limit risk taking by financial firms and supervised previously unregulated trading. It also creates a new consumer protection bureau. It's reported that in dozens of incidents of unintended acceleration in Toyotas, it may have been the fault of the drivers. Toyota recalled more than eight and a half million cars due to faulty gas pedals. The Wall Street Journal reports that Department of Transportation found that in dozens of the crashes, the throttle was open and the brakes, not engaged. A third of middle income workers will likely run out of money after 20 years of retirement. A report from the Employing Benefit Research Institutes says, saving too little and poor planning for healthcare cost will leave many unable to pay their basic living expenses. There is some hope though. The study also found workers who used automatic 401K plans significantly decrease their chance of running out of savings. That’s your MoneyWatch. For more, stay with CBSMoneyWatch.com. In New York, I'm Ashley Morrison.